First Community Credit Union was chartered in 1962 with a straightforward purpose: put members before profits. Over six decades and 185,000 members later, that mission has never wavered. We are a not-for-profit financial cooperative insured by the NCUA up to $250,000 per member per account category.
Every rate, product, and service decision at First Community Credit Union starts with one question — does this benefit our members? No shareholders demand a cut. No quarterly earnings calls drive policy. Just member-first banking, built to last.
First Community Credit Union is a federally chartered, member-owned financial cooperative insured by the NCUA. Founded in 1962, it has grown to $2.4 billion in assets and 185,000 members while maintaining its core cooperative structure: members own the institution, elect its board, and share in profits through dividends on share accounts and lower borrowing costs. There are no outside investors. Every dollar of net income is reinvested for member benefit.
Founded by workers, governed by members, grown through trust.
First Community Credit Union was chartered in 1962 by a group of workers who believed financial institutions should serve the people who use them — not the people who invest in them. That founding conviction is embedded in our legal structure as a federal credit union. Members own the credit union. Members govern it. Members benefit from it.
The field of membership has expanded over the decades to include individuals in select employment groups, geographic regions, and family relationships with existing members. Nationwide digital membership has extended that reach further still. Whether you live in a major metro or a rural community, First Community Credit Union delivers the same products, rates, and service to every member on equal footing.
Our mission is direct: deliver the financial products, rates, and service members need at the lowest sustainable cost, while maintaining the long-term safety and soundness of the institution. That means competitive dividends on share accounts, below-market loan rates, low fees, and responsive member service. It also means prudent risk management, strong capital ratios, and annual independent audits that satisfy NCUA regulatory standards.
For an independent overview of what credit unions are and how federal insurance protects members, see ncua.gov — What is a Credit Union.
From a single charter to $2.4 billion in assets — the moments that defined our growth.
| Year | Milestone | Member Impact |
|---|---|---|
| 1962 | Federal charter granted | NCUA oversight and federal deposit insurance established from day one |
| 1985 | First branch expansion | Extended in-person service to underserved communities beyond the founding location |
| 2005 | Digital banking launched | 24/7 account access, online transfers, and bill pay without branch visits |
| 2019 | Mobile app released | iOS and Android app with mobile deposit, biometric login, and real-time alerts |
| 2024 | $2.4B assets / 185K members | Largest asset base and membership in credit union history |
A volunteer board elected by members — not appointed by shareholders.
First Community Credit Union is governed by a volunteer board of directors elected by the membership. Every member in good standing has an equal vote regardless of account balance. A member with $5 in a primary share account carries the same governance weight as a member with $500,000 in share certificates.
Board elections are held at the annual meeting. Directors serve staggered volunteer terms, and any eligible member may stand for election. The board sets strategic policy and hires senior management — but the membership holds ultimate authority. This structure means First Community Credit Union cannot be sold to a private equity firm or acquired by a bank without a supermajority member vote. Our cooperative charter is a legal safeguard no bank can offer.
Member-owned cooperatives have a different obligation — expanding access, not maximizing extraction.
First Community Credit Union channels net income into financial education, affordable lending programs, and community partnerships. Free credit counseling, first-time homebuyer workshops, youth savings accounts, and small business development resources are available to members at no additional cost.
Affordable mortgage products include low-down-payment options for first-time buyers and streamlined refinance programs for existing homeowners. The credit union also participates in the CDFI (Community Development Financial Institution) network, enabling access to federal funds that support underserved lending in communities where traditional banks have pulled back.
Membership is open to individuals who meet the field of membership criteria — employment with select partner organizations, residence in qualifying geographic areas, or a family relationship with an existing member. A $5 opening deposit into a primary share savings account establishes membership. You and your immediate family retain eligibility for life once you join.
Member-owned means every account holder is a co-owner of First Community Credit Union. There are no outside shareholders. Net income is returned to members through higher dividends on share accounts, lower rates on loans, and fewer fees — rather than paid out to investors. Members elect the board of directors and participate in governance through the annual general meeting.
The volunteer board of directors is elected by members at the annual general meeting. Any eligible member in good standing may run for a board seat. Directors serve staggered terms and are responsible for setting institutional policy, overseeing senior management, and ensuring the credit union fulfills its member-first mission. This democratic structure distinguishes credit unions from investor-owned banks.
Yes. First Community Credit Union reinvests in communities through financial education programs, affordable mortgage lending, small business development resources, and nonprofit partnerships. As a not-for-profit cooperative, the credit union is structured to serve members and communities rather than generate profit for external investors.
Three key differences: ownership, profit distribution, and insurance. Banks are owned by shareholders who expect profit. First Community Credit Union is owned by its members — people with accounts here. Profits return to members as dividends and lower loan rates. Deposits are insured by the NCUA rather than the FDIC, but both provide $250,000 in federal protection per account ownership category.
Open a primary share savings account for $5 and start earning dividends from day one.
Reach member services at (800) 342-8575, Monday through Friday, 8am to 6pm ET.
Learn how First Community Credit Union protects your accounts and personal data.
Margaret Torres, VP of Member Services, shares 18 years of credit union expertise.
First Community CU